Federal Minister for Commerce, Jam Kamal Khan on Thursday said that due to the government\u2019s tariff rationalization policy, the country\u2019s economy would be efficient and achieve industrial productivity and trade competitiveness for sustainable economic growth.
\nThe current government\u2019s home-grown tariff rationalization policy vision has emerge the country as liberalized and robust economy at the global level, which will not only increase the country\u2019s exports, but also increase the effectiveness of Pakistan Free Trade Agreement (FTAs) with various countries and also connect the country\u2019s economy with the Global Supply Value Chain (GSVG),Federal Minister for Commerce, Jam Kamal Khan told APP in exclusive interview here.
\nReplying to a question, he said that tariff rationalization is crucial for Pakistan\u2019s economic transformation, promoting export competitiveness, industrial efficiency, and trade integration with potential global and regional markets.
\nThe Minister said the main policy suggestions are lowering the tariffs on value-added and finished goods for enhancing institutional capacity, making trade agreements more robust, and promoting export-oriented industrialization.
\nThe minister explained that the government considered tariff rationalization to be not just a budgetary measure but a strategic imperative for raising industrial productivity, enhancing trade, and unleashing sustainable economic growth.
\nHe said that by aligning its tariff policies with global best practices, Pakistan can increase its international trade competitiveness and achieve long-term economic resilience, to achieve the agenda of economic growth.
\nReplying to another question, he said that tariff rationalization is one of the major policy interventions that can help to reshape the trade and industrial landscape in Pakistan toward a more competitive and export-oriented economy.
\nThe Commerce Minister said that data science and statistics are important in the current era, and the government has conducted a diagnostic study of 15 potential export-oriented sectors and decided to go for pragmatic decisions to reduce or increase the tariff in light of available data from different quarters.
\nHe said that the government has planned to increase domestic exports up to $60 billion in the next five years, and Prime Minister Shahbaz Sharif is giving policy guidelines in this regard.
\nThe commerce minister said that Pakistan\u2019s untapped export potential of $60 billion, especially in textiles, agriculture, and high-value sectors, could be tapped through reducing tariffs, simplifying tariff regimes, and switching to direct taxation in the national economy.
\nHe indicated that tariff rationalization can promote the export-oriented potential sectors, enhance foreign direct investment, and support economic and trade diversification in global and regional markets.
\nHe said that the country\u2019s previous tariff structure was complex, with embedded costs like Regulatory Duties (RDs) and Additional Customs Duties (ACDs), which hurt the market sentiments.
\nThe Minister said that in Pakistan, tariffs have historically served as a significant source of revenue, often at the expense of export competitiveness and industrial efficiency.
\nReplying to a question on Free Trade Agreements (FTAs) with different countries, he said that the government is working on trade diversification at the item level to introduce the new commodities in the international market for expanding the country\u2019s trade basket and giving an option to liberalize the country\u2019s trade with these economies.
\nIn his concluding remarks, the minister said that Pakistan prioritized its trade with regional countries, including the Central Asian Republic and also promoted its goods to the non-traditional markets of North and South America.<\/p>\n","protected":false},"excerpt":{"rendered":"
Federal Minister for Commerce, Jam Kamal Khan on Thursday said that due to the government\u2019s tariff rationalization policy, the country\u2019s economy would be efficient and achieve industrial productivity and trade competitiveness for sustainable economic growth. The current government\u2019s home-grown tariff rationalization policy vision has emerge the country as liberalized and robust economy at the global …<\/p>\n","protected":false},"author":4,"featured_media":64288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-81068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/81068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=81068"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/81068\/revisions"}],"predecessor-version":[{"id":81079,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/81068\/revisions\/81079"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=81068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=81068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=81068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}